Singapore: The Ascott Limited has signed new properties in Indonesia, Malaysia, Vietnam and South Korea.
The new management contracts mark Ascott’s first property in the cities of Yogyakarta (Indonesia) and Miri (Malaysia), as the company brings the first international brand of serviced residence to these cities. Ascott has also secured a property in Binh Duong province (Vietnam) and added a second serviced residence in Seoul, which is its third in South Korea.
Of the four new properties, the 149-unit Citadines Han River Seoul will be the first to welcome guests from 1Q 2016. The remaining three properties will be ready in 2018 – the 308-unit Citadines Punaka Yogyakarta, the 200-unit Somerset Arcadia Miri and the 200-unit Citadines Central Binh Duong.
Ascott CEO Lee Chee Koon said: “This year, we have grown faster than before by extending Ascott’s footprint to five new cities and adding about 4,700 units to our global network, which is almost double the units secured in the same period last year. Such an expansive growth demands an intimate understanding of the market and an ability to establish the right local alliances. We have forged strategic partnerships to ensure that Ascott remains the industry leader and we are in a strong position to accelerate our growth.”
“Ascott’s entry into a joint venture with Qatar Investment Authority to set up a US$600 million global serviced residence fund will provide us with the financial backing for acquisitions as we strive for our target of 80,000 units globally by 2020. Ascott is also tapping on growth opportunities in the technology space. Leading a consortium to invest over S$120 million in Tujia, China’s largest online apartment sharing platform, Ascott will benefit from the growth of O2O (both Offline-to-Online and Online-to-Offline) commerce in China. We could also benefit from outbound Chinese travellers staying in our properties outside China. In addition, Ascott is the first global serviced residence company to embrace smart home technologies by partnering Samsung Asia Pte Ltd to jointly develop Internet of Things-ready smart serviced residences.”
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